TECNOCAP STRENGTHENS ITS GLOBAL PRESENCE WITH THE ACQUISITION OF REEFCAP, SAUDI ARABIA

Cava de' Tirreni, 12.09.2024 _Shortly after its expansion into India and Brazil, Tecnocap has completed a decisive operation for its growth strategy by acquiring ReefCap, a Saudi leader in the production and marketing of Metal Closures for glass jars.

In addition to its production plant and commercial office in Jeddah, a city that hosts the second most important commercial port in the entire Middle East, ReefCap also has a distribution center and a consolidated sales network in the United Arab Emirates, Oman, and Egypt. ReefCap’s “Twist” metal closures are already well-known and used by major players in the food industry in both the Middle East and Africa.

This operation, which includes the participation of the current Saudi owners with a minority stake, marks the definitive entry of the Tecnocap Group into the Middle Eastern market.

“The acquisition of ReefCap represents another milestone in our global growth strategy, achieved through business diversification and expansion into rapidly growing markets,” said Michelangelo Morlicchio , founder and CEO of Tecnocap, who added, “In addition to ensuring a strong presence and significant production capacity, this transaction will allow us to strategically leverage the business opportunities connected to the government program such as the futuristic city Neom and the Saudi edition of Expo 2030, moving through the coastal development in the Red Sea.”

Tecnocap ambitious industrial strategy is driven by expanding the business in promising regions and broadening the range of packaging solutions available to consumer brands. By focusing on these areas, the Group is finalizing further acquisitions and aims to establish itself as a leading multinational in integrated packaging, maximizing technological, industrial, and commercial synergies.

Tecnocap

The Tecnocap Group is a global packaging manufacturer, specialized in the industrial production of Closure Systems for glass jars and plastic containers, Aluminum Bottles and Aerosol Cans, Self-Adhesive Labels, and Flexible Packaging, with over 80% of its revenue generated abroad between Europe and North America. The Group expects to achieve consolidated revenues exceeding 300 million Euros this year through 11 production sites located in Europe, North America, India, and Brazil, three Research and Development centers, a worldwide technical support network, and over 1,100 employees.